Gold futures rose slightly ahead of the FOMC meeting

From youtube.com/cmegroup

August Gold futures struggled to maintain a multi-day rally, ending the session up slightly by 0.17 percent after a highly symmetric trading range. Market attention is fixed on the upcoming FOMC meeting, marking Kevin Warsh's debut as Fed Chair. While interest rates are widely anticipated to remain unchanged, traders are closely watching the summary of economic projections and the dot plots for future policy direction. Currently, the CME FedWatch Tool indicates a 42 percent probability of a rate hike in December as the earliest potential move. Additionally, gold is experiencing shifting dynamics due to a drop in crude oil prices following a U.S.-Iran peace agreement, which has mitigated geopolitical risk and softened short-term inflationary pressures.